Howden has announced (1 August 2024) that it has agreed to acquire the Musical Insurance book from Allianz UK and will incorporate its customer base and marketing and operations teams into Howden’s established music scheme, Lark Music.
This acquisition complements Lark Music’s existing book of business, which currently primarily services higher value instruments, and reflects its ambition to materially broaden its product offering to cover the full spectrum of musical instrument insurance for musicians of all ages and abilities.
Allianz Musical Insurance, which specialises in musical instrument and equipment insurance for musicians in the UK, is well established and has traded for over 60 years. Allianz UK will continue to underwrite as the exclusive capacity provider for the newly named Lark Music Keynote product, which incorporates the Allianz Music Protect and Lark Music Essential products. Lark Music will be responsible for the day-to-day running of customers’ musical instrument policies and claims.
Howden’s agreement to acquire the musical insurance book will provide expertise and investment for the benefit of both amateur and professional musicians, whilst enabling Allianz UK to continue supporting the music industry. This latest acquisition follows Howden’s recent acquisition of Hencilla Canworth, a leading British specialist performing arts insurance broker.
Dean Wright, Divisional Director, Schemes Division, Howden, said: “Allianz Musical Insurance is well known to our Lark Music business, and is held in high regard. Combined, our two businesses represent £7.3mn GWP and will service 68,000 customers, providing them with access to a full spectrum of musical instrument insurance products, both in the UK and internationally.”
Kieran O’Keeffe, MD for Specialty, Allianz UK, said: “This step with Howden presents an excellent opportunity for growth in the musical insurance space and we’re confident that it will successfully expand and improve the offerings available for customers. We’re proud to be the UK underwriter for Lark Music’s new Keynote insurance product, a testament to our expertise and reputation in the industry.
“With their strategic focus and investment and our underwriting expertise, the goal is to create a seamless experience for all to ensure that Allianz Musical Insurance’s excellent service is not just maintained but enhanced. Our specialist marketing and operations colleagues who are moving across to Lark Music will continue to look after customers and the wider music industry through partnerships and sponsorships.”